Corporate Takeovers and Economic Efficiency
Corporate Takeovers and Economic Efficiency
复制标题
公司收购与经济效率
DOI：
10.2139/ssrn.2340754
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发表时间：
2013
期刊：
影响因子：
--
通讯作者：
B. Eckbo
中科院分区：
文献类型：
--
作者：
B. Eckbo
我回顾了最近的收购研究，这些研究在提高生产效率的过程中推进了我们对“谁买谁”的理解。这项研究提供了基于文本的竞购者和目标之间的产品市场联系的详细定义，供应链和产业网络在推动收购中的作用，目标工厂效率，以及收购前后对产品创新的投资。此外，最近的证据增加了我们对“公司是如何被出售的”(交易效率)的理解。几乎一半涉及公共目标的收购是由卖方而不是买方发起的。目标公司强烈反对竞购者站稳脚跟，合并谈判过程强烈保护专有信息。收购溢价留下了理性竞价策略的痕迹，包括竞标先发制人和赢家诅咒避免。最近使用外生工具对竞购者估值进行的测试否定了竞购者股票在全股票竞购中被系统性高估的观点，并表明竞购者的协同收益比之前认为的要大得多。
I review recent takeover research that advances our understanding of “who buys who” in the drive for productive efficiency. This research provides detailed information on text-based definitions of product market links between bidders and targets, the role of the supply chain and industrial networks in driving takeovers, target plant efficiency, and pre- and post-takeover investment in product innovation. Moreover, recent evidence adds to our understanding of “how firms are sold” (transaction efficiency). Almost half of takeovers involving public targets are initiated by the seller and not by the buyer. Targets are strongly averse to bidder toeholds, and the merger negotiation process strongly protects proprietary information. Takeover premiums leave traces of rational bidding strategies, including bid preemption and winner’s curse avoidance. Recent tests employing exogenous instrumentation of bidder valuations reject that bidder shares are systematically overpriced in all-stock bids and suggest that bidder synergy gains are much larger than previously thought.
DOI：
10.2139/ssrn.99580
发表时间：
1999-03
期刊：
The American Economic Review
影响因子：
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作者：
Michael C. Jensen
通讯作者：
Michael C. Jensen
DOI：
10.2139/ssrn.972056
发表时间：
2010-08
期刊：
Management of Innovation eJournal
影响因子：
--
作者：
Amit Seru
通讯作者：
Amit Seru
DOI：
--
发表时间：
2004
期刊：
The Financial Business Review(Toyo Keizai, Inc.) No.231
影响因子：
--
作者：
Masayuki Ida;Masatsugu Oshima;Yutaka Kakeda;Yutaka Kakeda;Yutaka Kakeda;Fumio Takahashi;Fumio Takahashi;Fumio Takahashi;Fumio Takahashi;Fumio Takahashi;Fumio Takahashi;Fumio Takahashi;Fumio Takahashi;Fumio Takahashi;Fumio Takahashi
通讯作者：
Fumio Takahashi